Phone Home, Inc. is considering a new 5-year expansion project that requires an initial fixed asset investment of $2.48 million. The fixed asset will be depreciated straight-line to zero over its 5-year tax life, after which time it will be worth $500,000. The project is estimated to generate $1 million in annual OCF. The initial NWC requirement is 300,000. The tax rate is 32 percent and the required return on the project is 11 percent. What is the net present value for this project?

	$1,390,658
	$1,295,706
	$6,500,098
	$1,434,217
	$1,117,670